Compute required uniform monthly deposit

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Reference no: EM131966918

Anna is planning to redecorate her house in 5 years and she estimates that 30245 dollars should suffice to do the job at that time. In order to accommodate her goal she is wondering how much should be deposited every month in a new savings account created solely for this purpose, taking into account that it yields 4% APR per year, compounded quarterly. Compute the required uniform monthly deposit.

Reference no: EM131966918

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